Brown Advisory
Brown Advisory Large‑Cap Sustainable Growth
US Large-cap Quality
Mar 2026 → Sep 2026
Our archive holds 3 letters from this strategy, behind 11 investment theses and positions in 37 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in a year · follow all of Brown Advisory for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Composite Net
- YTD+9.7%index +6.3%
- 1Y+6.7%index +7.5%
- 3Y · /yr+15.9%index +24.3%
- 5Y · /yr+7.2%index +13.7%
- 10Y · /yr+15.3%index +18.2%
- Inception · /yr+15.1%index +16.2%
Index: Russell 1000 Growth Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Brown Advisory Large‑Cap Sustainable Growth | +9.7% | +6.7% | +15.9% | +7.2% | +15.3% | +15.1% |
| Russell 1000 Growth Index | +6.3% | +7.5% | +24.3% | +13.7% | +18.2% | +16.2% |
Calendar years
- 2025+3.2%index +18.6%
- 2024+20.1%index +33.4%
- 2023+38.7%index +42.7%
- 2022−31.2%index −29.1%
- 2021+29.8%index +27.6%
- 2020+39.1%index +38.5%
- 2019+35.1%index +36.4%
- 2018+4.5%index −1.5%
- 2017+28.0%index +30.2%
- 2016+5.7%index +7.1%
Since inception: ITD (12/31/2009)
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
At the end of the quarter, we sold out of Equifax Inc. (EFX), another detractor year-to-date.
We trimmed our positions in Datadog Inc and Palo Alto Networks Inc during the quarter supported by our upside/downside valuation analyses.
During this drawdown, we added to our positions in Marvell Technology, Inc (MRVL), Monolithic Power Systems Inc (MPWR), NVIDIA Corp. (NVDA), and Taiwan Semiconductor Manufacturing Co. (TSM), all of which subsequently delivered strong quarterly results.
We trimmed our positions in Datadog Inc and Palo Alto Networks Inc during the quarter supported by our upside/downside valuation analyses.
Year-to-date, our weakest performer has been Intuit Inc. (INTU), which we sold in the third quarter.
During this drawdown, we added to our positions in Marvell Technology, Inc (MRVL), Monolithic Power Systems Inc (MPWR), NVIDIA Corp. (NVDA), and Taiwan Semiconductor Manufacturing Co. (TSM), all of which subsequently delivered strong quarterly results.
We added to our position during the quarter, as the stock’s valuation is depressed, approaching multi-year lows, at a time when we see several avenues for earnings growth to accelerate in the coming years, particularly within the residential HVAC business.
Alnylam Pharmaceuticals, Inc. (ALNY), which is a new holding as of the third quarter.
During this drawdown, we added to our positions in Marvell Technology, Inc (MRVL), Monolithic Power Systems Inc (MPWR), NVIDIA Corp. (NVDA), and Taiwan Semiconductor Manufacturing Co. (TSM), all of which subsequently delivered strong quarterly results.
We trimmed our position in Snowflake Inc following meaningful multiple expansion during the third quarter.
We added to our position in AVGO on weakness during the quarter.
We have been trimming our position during the second quarter on elevated valuation but continue to like the company’s growth prospects over the upcoming years, as we believe it maintains solid competitive footing in an industry that continues to accelerate.
We trimmed our Intuit Inc position in June on this concern.
We were able to take advantage of temporary stock weakness during the quarter due to transitory supply chain concerns while initiating the position.
Late in the quarter, we participated in the IPO of SpaceX (SPCX), accumulating a small position.
We remain optimistic regarding the company’s competitive positioning and runway for growth and added to our position during the quarter.
During the first quarter, we added to both Datadog Inc and Snowflake Inc on the broad software sell-off. Based on the strong stock performance during the second quarter, we trimmed both positions on valuation.
We also purchased Alphabet Inc Class C (GOOG) in the second quarter, after selling the name last summer.
During the first quarter, we added to both Datadog Inc and Snowflake Inc on the broad software sell-off. Based on the strong stock performance during the second quarter, we trimmed both positions on valuation.
We sold our positions in ServiceNow Inc (NOW) and Veralto Corp (VLTO) during the second quarter.
We sold our positions in ServiceNow Inc (NOW) and Veralto Corp (VLTO) during the second quarter.
Outside of Information Technology, we added one new name and sold one other during the first quarter. Cintas Corp (CTAS) is a business services company that provides uniforms, facility services and safety products to North American companies though a steady, subscription-like revenue model.
We added to our position during the quarter on weakness.
Within software, we sold Dynatrace during the quarter while continuing to build out our Datadog Inc. (DDOG) position,
Also held
- Shopify, Inc.
- GE Aerospace
- SpaceX
- Intuitive Surgical, Inc.
- Arista Networks, Inc.
- Microsoft Corporation
- Alphabet Inc.
- Amazon.com, Inc.
- Palo Alto Networks Inc
- Spotify Technology SA
- NVIDIA Corp
- Taiwan Semiconductor Manufacturing Co. Ltd
- Equifax Inc
- Monolithic Power Systems, Inc.
- KKR & Co. Inc.
- Ares Management Corporation
- Marvell Technology, Inc.
- Taiwan Semiconductor Manufacturing Co., Ltd.
- Shopify Inc.
Its investment theses
- Snowflake, Inc.Sep 2026Snowflake provides cloud data storage and analytics, and accelerating growth plus AI-driven demand support the thesis that its data repository becomes more valuable in an AI world.
- GE AerospaceSep 2026GE Aerospace serves aircraft engines with a large installed base that drives recurring high-margin aftermarket revenue.
- Broadcom Inc.Sep 2026Broadcom designs custom AI accelerators, networking chips, and infrastructure software, and the managers added on weakness despite strong growth.
- Alnylam Pharmaceuticals, Inc.Sep 2026Alnylam is the leader in RNAi therapeutics, with a significant moat and the potential to become a diversified, multi-product biopharma compounder.
- Equifax Inc.Sep 2026Equifax monetizes proprietary creditworthiness, employment, and income data, but the managers are concerned about the credit bureau economics and future earnings power.
- Arista Networks IncJun 2026Arista Networks Inc supplies cloud and AI networking infrastructure with a software-centric moat, structural share gains, and strong growth prospects.
- SpaceXJun 2026SpaceX combines launch, connectivity, and AI businesses with durable launch advantages, long-term Starlink growth, and significant option value.
- Spotify Technology SAJun 2026Spotify Technology SA is an audio streaming platform whose new products, premium add-ons, and ad strategy should support long-term growth and profitability.
- Intuit Inc.Mar 2026Intuit is a leading tax and accounting software company whose trusted brand, wide moat, and history of integrating new technology support the view that it can win in AI.
- Marvell Technology, Inc.Mar 2026Marvell Technology designs data-infrastructure chips and is backed by rising estimates and NVIDIA’s AI-infrastructure investment.